From left: Mrs Joyce Ojemudia, President, Professional Insurance Ladies Association (PILA) and Mrs Bolaji Dada, Honourable Commissioner for Women Affairs & Poverty Alleviation Lagos State during a rally organized by PILA in partnership with the Ministry to demand for justice for victims of rape and sexual violence in Lagos. Leave […]
Insurance
Kasaija elected new chairman of African Trade Insurance Agency
Kasaija Uganda’s Minister of Finance, Planning and Economic Development Matia Kasaija has been elected the new chairman of the African Trade Insurance Agency (ATI). Mr Kasaija’s election took place at the 20th virtual Annual General meeting of shareholders of the African Trade Insurance Agency at the weekend. Uganda is a […]
US retailer sues insurer for $28m for BI insurance coverage denial
By Ranamita Chakraborty Lawyers on behalf of Altar’d State, a national boutique in the US, are suing Hartford Fire Insurance for $28m after the insurer denied coverage for a business interruption (BI) insurance claim. The retailer was forced to close its doors due to COVID-19 resulting in a significant loss […]
Reinsurer announces around EUR700m COVID-19 related losses
By Ranamita Chakraborty Munich Re registered COVID-19-related reinsurance losses totalling about EUR700m ($800,00) in 2Q2020, according to an official statement from the reinsurer. The largest share of these losses is attributable to cover for major events with a lower impact reported in life and health business as well as other […]
UK financial regulator rebukes insurers over BI claims at court hearing
By Ranamita Chakraborty On the first day of an eight-day hearing regarding a case brought by the Financial Conduct Authority of UK (FCA), London’s High Court was told that some of the world’s biggest insurers are wrong to deny a pay-out to hundreds of thousands of small British businesses which […]
CIIN new president Oyegunle pledges to reinforce professionalism, ethics
Sir. Oyegunle Leave a comment and share Chuks Udo Okonta The newly elected President of the Chartered Insurance Institute of Nigeria (CIIN) Sir. Muftau Oyegunle, has pledged to take the institute to lofty heights by reinforcing professionalism and ethics. He said this today in Lagos, while giving his acceptance speech […]
NAICOM Academy coming soon
Leave a comment and share Chuks Udo Okonta The National Insurance Commission (NAICOM) has said due to its concern for specialised regulators’ training it will be establishing the NAICOM Academy which will not only serve her training needs, but also those of other regulators in the West African sub region. […]
Shareholders suggest how to stem regulatory fines on insurers
Leave a comment and share Chuks Udo Okonta Regulatory fines on insurance firms are punishments on investors and not officers that are directly responsible, hence should be reconsidered, shareholders have said. They maintained fines do not really serve as deterrent, stressing that enforcing compliance doesn’t have to be monetary, as […]
Insurers dive into warehouses and dump office space
By Anoop Khanna An annual survey of insurers’ investments conducted by Goldman Sachs Asset Management (GSAM) has found that global insurers want to increase investments in commercial warehouses as their stakes in office space are becoming riskier. During the current coronavirus pandemic, work from offices has shifted to work from […]
Leadway Assurance champions cybersecurity awareness amidst increasing digital risk
Leave a comment and share Chuks Udo Okonta Leadway Assurance Company Limited, one of Nigeria’s foremost insurer, on Monday, July 13, 2020, hosted global industry thought leaders and subject matter experts to an online discourse to x-ray the rising cyber-risks in local and international businesses, as well as the various […]
